You might have heard of the Magellan Ashes, Australia’s premier cricketing event.
You might also have heard of the ball tampering scandal that rocked Cricket Australia earlier this week. Media outlets today revealed the backlash from businesses sponsoring the event.
Magellan Financial Group Ltd (ASX: MFG) declared to the ASX this morning that it has cancelled its partnership with Cricket Australia.
The three-year deal with Megallan was only signed late last year and estimated to be worth $20 million. It would see The Ashes labelled with Magellan’s brand name. The recent scandal has put an end to that however, with Magellan founder Hamish Douglass announcing that:
“A conspiracy by the leadership of the Australian Men’s test Cricket Team which broke the rules with a clear intention to gain an unfair advantage during the third test in South Africa goes to the heart of integrity.”
“Regrettably, these recent events are so inconsistent with our values that we are left with no option but to terminate our ongoing partnership with Cricket Australia.”
The ABC reported that a number of other corporate sponsors have been reconsidering their ties to the cricket. Qantas Airways Limited (ASX: QAN) decided to continue with its sponsorships despite being “very disappointed’ with the scandal.
Sanitarium (Weet-Bix), ASICS (shoes) and LG (electronics company) have reportedly also ended sponsorships of several players, according to the ABC.
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